Golden Entertainment (NASDAQ:GDEN) Shares Gap Down After Analyst Downgrade

Key Points

• Golden Entertainment's shares gapped down, opening at $25.20 after closing at $26.76, and last traded at $25.88 with a volume of 38,724 shares.
• Analysts have mixed ratings on Golden Entertainment, with two hold ratings and six buy ratings, leading to a consensus of "Moderate Buy" and an average price target of $36.50.
• The company reported a net margin of 1.72% and posted quarterly earnings of $0.09 EPS, missing estimates of $0.10 EPS.

Golden Entertainment, Inc. (NASDAQ:GDEN - Get Free Report)'s stock price gapped down prior to trading on Friday after Macquarie lowered their price target on the stock from $38.00 to $37.00. The stock had previously closed at $26.76, but opened at $25.20. Macquarie currently has an outperform rating on the stock. Golden Entertainment shares last traded at $25.88, with a volume of 38,724 shares.

GDEN has been the topic of several other research reports. JMP Securities dropped their price objective on Golden Entertainment from $36.00 to $35.00 and set a "market outperform" rating on the stock in a research note on Friday, July 18th. Wall Street Zen raised Golden Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Citigroup reissued an "outperform" rating on shares of Golden Entertainment in a research note on Friday, July 18th. Finally, Truist Financial cut Golden Entertainment from a "buy" rating to a "hold" rating and dropped their target price for the company from $36.00 to $34.00 in a research report on Wednesday, July 16th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Golden Entertainment has an average rating of "Moderate Buy" and a consensus target price of $36.00.

Institutional Trading of Golden Entertainment

Institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new stake in shares of Golden Entertainment in the 4th quarter worth $729,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Golden Entertainment by 27.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 59,536 shares of the company's stock worth $1,881,000 after purchasing an additional 12,712 shares in the last quarter. DAVENPORT & Co LLC boosted its position in shares of Golden Entertainment by 10.7% in the 1st quarter. DAVENPORT & Co LLC now owns 1,431,300 shares of the company's stock worth $37,956,000 after purchasing an additional 138,137 shares in the last quarter. III Capital Management boosted its position in shares of Golden Entertainment by 26.9% in the 4th quarter. III Capital Management now owns 52,028 shares of the company's stock worth $1,644,000 after purchasing an additional 11,014 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its position in shares of Golden Entertainment by 21.8% in the 1st quarter. GSA Capital Partners LLP now owns 29,482 shares of the company's stock worth $778,000 after purchasing an additional 5,273 shares in the last quarter. Institutional investors and hedge funds own 70.73% of the company's stock.

Golden Entertainment Price Performance

The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.86. The stock has a market cap of $666.69 million, a price-to-earnings ratio of 46.70 and a beta of 1.83. The stock has a 50-day moving average price of $28.91 and a two-hundred day moving average price of $28.77.

Golden Entertainment (NASDAQ:GDEN - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. The firm had revenue of $163.62 million during the quarter, compared to analysts' expectations of $169.70 million. Golden Entertainment had a return on equity of 3.16% and a net margin of 2.35%. As a group, equities research analysts forecast that Golden Entertainment, Inc. will post 0.2 EPS for the current year.

Golden Entertainment Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Thursday, September 25th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 25th. This represents a $1.00 dividend on an annualized basis and a yield of 4.0%. Golden Entertainment's dividend payout ratio (DPR) is 185.19%.

About Golden Entertainment

Golden Entertainment, Inc owns and operates a diversified entertainment platform in the United States. The company operates through four segments; Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming. It also operates casino, casino resorts, and taverns; and slot machines in third party non-casino locations.